On Tuesday November 08,2016 , more than a billion Indians were surprised
to know about Prime Minister Narendra Modi’s demonetization
masterstroke.
The decision is now being praised by the top-notch personalities from all walks of life.
Demonetisation of 500 and 1000 rupee notes has been implemented to curb the menace of Black Money in India and, also, keep a check on the funding to the terrorists.
But, did you guys know that India is not the first country to undertake this measure.
Yes, you read that right.
A lot of other nations earlier implemented this technique for various reasons.
Even India is not doing it for the first time.
Ghana: 50 cedi currency note was demonetised by Ghana in 1982 in order to keep a check on the money flow.
Nigeria: In 1984, new currency notes were circulated in the country as a part of the anti-corruption exercise.
Myanmar: Eighty percent of the country’s currency was removed from the legal tender in 1987. This was done to break the backbone of the black markets.
Soviet Union: In 1991, huge ruble notes were taken back from the circulation in order to make the currency more valuable in the markets.
Australia: The nation replaced old currency with polymer (plastic) notes in order to eliminate fake notes.
The decision is now being praised by the top-notch personalities from all walks of life.
Demonetisation of 500 and 1000 rupee notes has been implemented to curb the menace of Black Money in India and, also, keep a check on the funding to the terrorists.
But, did you guys know that India is not the first country to undertake this measure.
Yes, you read that right.
A lot of other nations earlier implemented this technique for various reasons.
Even India is not doing it for the first time.
Ghana: 50 cedi currency note was demonetised by Ghana in 1982 in order to keep a check on the money flow.
Nigeria: In 1984, new currency notes were circulated in the country as a part of the anti-corruption exercise.
Myanmar: Eighty percent of the country’s currency was removed from the legal tender in 1987. This was done to break the backbone of the black markets.
Soviet Union: In 1991, huge ruble notes were taken back from the circulation in order to make the currency more valuable in the markets.
Australia: The nation replaced old currency with polymer (plastic) notes in order to eliminate fake notes.
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